Gold is breaking out to "multi-decade highs" after its brief downturn over concerns about production costs. Companies that keep these productions costs low like GoldCorp (GG) are buys as are more expensive producers like Agnico Eagle Mines (AEM) that have gotten hammered. Cramer is also bullish on silver, but would buy the iShares ETF (SLV) rather than individual silver miners.

Many suspect Caterpillar (CAT) is overvalued, but Cramer thinks it is "the most exciting stock in the Dow," and his target is $125. While he was concerned about its generators with the truck shortage, he wondered, "is there a limit to the number of generators Japan needs." The answer is "No."

Cramer is bullish again on Teva (TEVA), and thinks the worries over competition for its MS drug are overblown. "People don't understand the power of this company."

While the bullish story on Verizon (VZ) and AT&T (T) is being spoken about endlessly, Cramer thinks these two stocks should still be bought and should be bought aggressively since he "can't believe" how undervalued they still are.